The deal had been backed by Canadian authorities but needed US approval as Nexen has operations in the country.
Nexen's shares rose 2% after it announced the approval by the US regulators.
Cnooc, by virtue of a JV it formed with Nexen last November, was already a 20% partner in Kakuna.
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Nexen Inc. shares are currently trading off about 5.6% on the day.
Nexen Inc. shares are currently trading off about 2.8% on the day.
Meanwhile, the Nexen deal is only the latest in a string of deals that Chinese energy companies have done in Canada.
The US has approved the sale of Canadian oil firm Nexen to China's state-owned CNOOC, clearing the way for the deal to be completed.
Nexen is the second-largest oil producer in the U.K. North Sea.
Its sales were boosted by existing contracts with major companies such as Nexen and Talisman and new work with Dong Energy and National Grid, among others.
But if hedging price risk proves to be true for North America, it categorically applies to the North Sea where CNOOC will acquire vital Nexen Buzzard field assets.
The Securities and Exchange Commission in July alleged Well Advantage had bought shares in energy firm Nexen based on confidential information that China-based Cnooc was about to purchase the company.
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Nexen gets some oil and gas production out of its 200 leases, but the majority of its value there is tied up in prospects that have yet to be drilled.
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Potential targets include producers in the Canadian oil sands such as Canadian Natural Resources and Nexen, said Peter Churcher, executive vice president of Eagle Energy and a former executive with the Abuu Dhabi National Energy Company.
In July of this year, CNOOC announced its deal to buy Nexen amidst concerns that the deal might not be approved by the Canadian authorities, even though it had the full support of the Nexen board.
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